Comparing Stock Broker Referral Programs (2026): Zerodha , CapMint, Dhan & More

Earning passive income by referring friends to stock brokers is a popular strategy for market enthusiasts. However, recent regulatory updates have changed how these programs operate.

In August 2024, the National Stock Exchange (NSE) issued new guidelines to prevent “trade inducement,” i.e. the practice of encouraging users to over-trade simply to earn a commission. As a result, many brokers have completely restructured their reward systems.

Understanding the “Net vs. Gross” Brokerage Trap

Before choosing a platf915orm, it is important to understand how brokers calculate your earnings.

Many traditional brokers advertise high revenue-sharing percentages (like 60% or 70%). However, they calculate your share based on ”net” brokerage, not "gross." This means they deduct platform fees, software charges, and operational costs before paying your commission.

To build a reliable income stream, it is generally better to prioritise modern discount brokers that offer transparent, daily-calculated, or flat-fee payout systems.

Comparison of Broker Referral Programs

Here is a clear and honest breakdown of the stock broker referral programs available today.

Zerodha: Reward Points for Active Investors

Zerodha pioneered the referral model in India but removed cash payouts for casual users to strictly comply with the NSE's 2024 guidelines.

• The Reward: You earn 300 Reward Points for every successful referral.
• The Value: These points can be used to completely waive your Annual Maintenance Charge (AMC) or unlock premium subscriptions for partner tools like Tickertape, Tijori, and Smallcase.
• For: Long-term investors who want to eliminate their platform fees and access premium research tools.

CapMint: 50% Flat Brokerage Sharing

Currently, CapMint offers one of the highest percentage-based returns in the industry.

• The Reward: A fiat 50% revenue share of the brokerage generated by your referrals.
• The Value: You do not need to register as an Authorised Person (AP) with the exchange to participate. Payouts are fast, with daily settlements credited to your wallet by the next day, and a minimal withdrawal threshold of ₹100.
• For: Referrers who have a network of highly active intraday, F&O (Futures and Options) traders or scalpers.

Dhan: 20% Brokerage Sharing

Dhan offers a reliable model for building a recurring income stream, focusing heavily on dashboard transparency.

• The Reward: A 20% share of the brokerage generated by your network.
• The Value: Your rewards are calculated daily and credited by the next day. You can easily withdraw your earnings straight to your bank account once you reach the

₹100 mark.

• For: Users who want a transparent, percentage-based income stream without settlement delays.

Upstox & Groww: Flat-Fee Cash Rewards

If you prefer guaranteed, upfront cash instead of waiting on a percentage of your friends' future trades, flat-fee programs are a better fit.

• Upstox: You receive ₹200 when your referred friend opens an account, plus an extra

₹100 bonus when they place their first trade.

• Groww: Offers a flat cash reward credited to the "Groww Balance" of both you and your friend once their account is activated. Note: Groww's 915 program is selective. While anyone can share a link, only users who meet specific internal criteria actually receive rewards. Check your app's referral screen to confirm your eligibility.

Referral Program Comparison Summary

How to Choose the Right Program?

Choosing the right platform depends on the trading habits of the people you invite:

1. For Active Traders: If your friends are day traders or trade options frequently, percentage-based programs like CapMint (50%) or Dhan (20%) will provide the highest ongoing passive income.
2. For Beginner Investors: If your friends plan to buy mutual funds or hold stocks long-term, their trading volume will be low. Upstox's fiat-fee model guarantees you a payout regardless of how often your referred users trade.
   
3. For Platform Loyalists: If you already use Zerodha for your own investments, earning points to waive your AMC and access premium analytics is a practical benefit.

Disclaimer: Stock market investments are subject to market risks. Referral program terms, regulatory guidelines, and payout structures can change. Always verify the latest terms directly on the broker's official website.

Note to readers: This article is part of Mint’s paid consumer connect Initiative. Mint assumes no editorial involvement or responsibility for errors, omissions, or content accuracy.